Markets may see a positive start today

4 Jan 2024 , 09:01 AM

Indian benchmark indices may open today’s session with gains after a highly volatile session yesterday. In its previous session, BSE Sensex closed 536 points lower at 71,356. NSE Nifty ended with a downside of 148 points at 21,517.

On the global front, US markets closed on a sluggish note as investors rethink of cuts in Fed interest rates. Dow Jones closed 285 points lower. Nasdaq Composite index ended lower by 174 points. S&P 500 closed with a decline of 38 points.

Asian stocks dipped on Thursday, and the dollar rose to a three-week high, as traders reduced their bets on large and early rate cuts this year, with the minutes of the Federal Reserve’s most recent meeting failing to give any hints as to when such cuts may begin in the United States. 

Chinese Shanghai Composite was trading 0.82% lower. Japan’s Nikkei 225 ended with a decline of 1.24%. Hong Kong’s Hang Seng index was seen 0.63% lower. South Korean Kospi index was trading down by 0.86%. Taiwan index was trading flat.

Bajaj Auto, Adani Enterprises, Adani Ports, ITC, and Cipla emerged as the biggest gainers on Wednesday charts. While Hindalco, JSW Steel, Tata Steel, LTIMindtree, and Tech Mahindra were the biggest losers.

Oil prices surged in early trade on Thursday, extending the previous day’s significant gains due to concerns over Middle Eastern supply following outages at a Libyan production and increased tensions surrounding the Israel-Gaza conflict.

The rupee remained range-bound on Wednesday, ending 2 paise higher at 83.30 versus the US dollar, despite volatility in crude oil prices and outflows of foreign cash.

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